Trusts/NGOs required to maintenance of Books u/s 10(23C) or Section 12A : New IT Rule 17AA Central Board of Direct Taxes issue the Notification new Income Tax Rule 17AA, which prescribed Books of Account & other information & documents that must be maintained & keep the records in the case of NGOs/Trusts/Universities/Medical Institutions /Educational/Hospitals etc. …
Concept of Foreign Tax Credit Claim In case taxpayer, who is a resident of India, & he paid income taxes outside India/ in foreign contrary, He can claim of such foreign taxes paid against his income tax payable in India. While claiming a deduction or claiming of Income taxes credit which has paid in the …
AI (Artificial Intelligence) may help CA’s Deliver High Quality Audits Current scenario of Chartered Accountants Audit Services Now a days Chartered Accountants are faces challenges like poor work life balance; less time for business expansion; process inefficiency, limited availability of skilled resources and manual management leading to higher operational cost; poor traceability & visibility of …
CBDT Extends Timeline of filling Form 10B, Form 10BB & ITR-7 AY 2023-24 This Article is giving overview of the requirements for filling NGO Audit reports for Form 10B, Form 10BB, & nd ITR-7 for the AY 2023-24. The Central Board of Direct Taxes Extends due date of furnishing audit reports Deadlines for Form 10B, …
Discrepancy in GST E-way Bill: No Penalty under GST law will be Levey The origination as well as termination of the goods in question was in State of Madhya Pradesh meaning thereby the authorities are of the view that the goods were not to be unloaded in the State of UP or any intention to …
New Goods and Services Tax Advisory on Reporting of Input Tax Credit Reversal Opening Balance Under the GST Mechanism owner of businesses origination are allowed to claim ITC on GST paid on its purchases of services & goods. But, In such case few conditions & situations where Input Tax credit required to be reduced & …
What are the differences and similarities between the National Savings Certificate (NSC) and PPF? National Savings Certificate (NSC) Public Provident Fund (PPF) Interest Paid: 8%, compounded half-yearly Interest Paid: 8%, compounded annually No monthly/yearly payments No monthly/yearly payments Minimum investment: Rs 100 Maximum investment: No Limit Minimum investment: Rs 500 (required annually)Maximum investment: Rs 70,000 …
Who is ineligible according to Section 29A of IBC law ? When the promoter (or someone in the management or control) of a corporate debtor engages in preferential transactions, undervalued transactions, extortionate credit transactions, or fraudulent transactions, this ineligibility comes into effect. This simply means that an insolvent entity whose accounts are classified as Non-Performing …
Conversion of Sole Proprietorship to LLP Should choose to register with the LLP As eventually as business income increases, several sole proprietors are becoming aware of the need to differentiate their accounts and tax filings from those of the business. There are several other reasons why the conversion of your sole proprietorship into an LLP …
Exemption of Capital Gain [Section 54 to 54F] S.No Particulars Section 54 Section 54B Section 54D Section 54EC Section 54F 1. Eligible Assessee Individual/ HUF Individual/ HUF Any assessee Any assessee Individual/ HUF 2. Asset transferred Residential House Urban agricultural Land L&B forming part of as industrial undertaking Land or Building Or Both (LTCA) Any …